【SMM Daily Review of Nickel Sulphate】May 7 Nickel sulphate prices rose slightly

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On May 7, the SMM index price for battery-grade nickel sulphate was 27,856 yuan/mt, with a quotation range of 27,860-28,370 yuan/mt for battery-grade nickel sulphate, and the average price rose slightly compared to the previous day.

Cost side, in April, the production of MHP in Indonesia was significantly affected by floods, leading to a supply-demand gap and keeping its coefficient firm at highs. Overall, MHP costs provided strong support. Supply side, some nickel salt smelters had limited quantities available for external sale in the remaining days of May, resulting in firm quotations. Some nickel salt smelters, due to incomplete raw material stocking, had expectations for production cuts. Additionally, with raw material prices fluctuating at highs, this drove their prices to remain firm. Demand side, this week is not a traditional procurement phase, and some precursor plants have already stocked up on inventories for more than half a month, resulting in low procurement activity. Looking ahead, based on fundamental factors such as tight raw material supply, stable cost support, and downstream demand dependence, nickel salt prices are expected to show a mild upward trend in the short term.

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